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• Budget 2025 - Tax Highlights Ireland

  Budget 2025 announced on 1 October 2024 included a substantial "cost-of-living" package including many one-off payments, as well as outlining a framework to direct substantial tax revenues towards housing, energy, water and transport infrastructure. The need to maintain Ireland's competitiveness in the face of intensifying competition for foreign direct investment was acknowledged, with tax code simplification at the forefront.

• Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds January - March 2024

  Welcome to the January – March 2024 issue of our Irish Quarterly Legal and Regulatory Developments report for Asset Management and Investment Funds. This report covers key developments during the quarter, such as: UCITS & AIFMD developments, including the publication of changes in cross-border notifications under AIFMD and the UCITS Directive...

• Transposition of Credit Servicers Directive in Ireland – Overview

  On 29 December 2023, the Minister for Finance signed the European Union (Credit Servicers and Credit Purchasers) Regulations 2023 (the "Regulations") into law, thereby transposing the Directive on credit servicers and credit purchasers (Directive (EU) 2021/2167) (the "CSD") into Irish law, with effect from 30 December 2023. In keeping with the approach previously indicated by the Department of Finance, the Regulations confirm that the existing Irish domestic credit servicing regime (the "Domestic Regime") provided for under the Central Bank Act 1997 (as amended) (the "CBA 1997") will operate in parallel with the regime provided for by the Regulations (the "CSD Regime").

• Central Bank's Regulatory and Supervisory Outlook Report 2004 Key trends, risks and priorities facing funds and the asset management sector

  On 29 February 2024, the Central Bank of Ireland (the "Central Bank") published a new Regulatory & Supervisory Outlook Report outlining the key trends and risks which the Central Bank has identified as moulding the financial sector operating landscape and its consequent regulatory and supervisory priorities for the next two years (2024/25) (the "Report"). The report was accompanied by a letter to the Minister for Finance and a subsequent cross-sectoral Dear CEO letter outlining a number of key regulatory initiatives for the year ahead (the "Letter"). The aim of the Report is to supplement the feedback provided by the Central Bank to regulated entities through its sector-specific supervisory engagement as well as its various consultative forums, conferences and publications. It also includes specific Spotlight chapters touching on areas of particular concern, such as consumer protection1, artificial intelligence ("AI") and financial crime. The scope of the Report extends to internationally active regulated entities and the interests of their consumers and investors and is not limited to those segments of the financial sector associated with the domestic economy. While the scope of the Report is far reaching, we have sought to highlight those risks and supervisory priorities identified by the Central Bank, which are of most relevance for funds and their service providers.

• Ireland | Chambers 2024 Global Practice Guide on Securitisation

  1. Specific Financial Asset Types - 1.1 Common Financial Assets - A wide range of asset classes have been securitised by Irish special purpose entities (SPEs): residential mortgages; commercial mortgages; auto loans; consumer loans; SME loans; corporate loans; shipping assets; aircraft lease rentals; trade, credit card and hire purchase receivables; commodities; royalties; carbon assets; and nonperforming loans (NPLs). Originally published by Chambers and Partners - February 2024.

• Irish Asset Management & Investment Funds ESG Newsletter - September / October 2023

  Regulation around ESG investment in Ireland is evolving rapidly with developments from the Central Bank of Ireland, European Commission and ESMA building an increasingly sophisticated regulatory backdrop. Our summary of the key recent developments includes: Central Bank of Ireland updates, including communication of the latest regulatory expectations on sustainability disclosures following its spot-check review; Please see full Newsletter below for more information.

• Budget 2024 – Tax Highlights Ireland

  10 October 2023 – Ireland's Budget 2024 was presented in the context of a positive economic performance for Ireland — full employment, budget surpluses, rising population and a falling national debt — against a backdrop of global economic and geopolitical uncertainty. The result was the announcement of a 'spend and save' budget that included a significant package of public expenditure measures to further support the Irish economy and society, as well as a commitment to establish two new long-term savings funds to future proof the economy and public finances against future challenges. Please see full Article below for more information.

• Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds April – June 2023

  In this quarter's edition of the legal and regulatory report, we include a number of key outputs from ESMA, including its updates to Q&As on the application of the AIFMD and the UCITS Directive (outlined at sections 1.2 and 2.2 of the report) and its final report following the completion of its common supervisory action outlining its supervisory expectations on asset valuation rules (4.6(e)). The Central Bank in a welcome development updated its AIFMD Q&A to increase the investment limits for QIAIFs seeking exposure to digital assets (1.3). It has also published its template data return to facilitate its active monitoring of the progress made by funds with Irish property asset exposure to implement its published leverage limits (3.3).

• Ireland’s Individual Accountability Framework (“IAF”) – What You Need to Know

  Introduction - The Central Bank (Individual Accountability Framework) Act 2023 (the “Act”) was signed into law on 9 March 2023. The Act amends several existing pieces of legislation2 and is amongst the most significant pieces of legislation impacting the powers of the Central Bank of Ireland (“Central Bank”) in recent years. The key objectives of the Act are to improve the management of risk in regulated financial service providers and outcomes for consumers. Please see full Publication below for more information.

• Irish Quarterly Legal and Regulatory Report - Asset Management and Investment Funds January to March 2023

  Welcome to the January – March 2023 issue of our Irish Quarterly Legal and Regulatory Developments report for asset management and investment funds. This report covers key dates and developments during the quarter under the following headings: UCITS & AIFMD developments including the latest ESMA Q&As; Central Bank developments including its: Industry Letter on Costs and Fees - Risk Outlook Report for 2023; and - latest PRIIPs KID Guidance; as well as... Please see the full Report below for more information.

Featured documents

• International Transfer Window Now Open for Irish Pensions

  The Irish High Court recently considered the transferability of personal retirement savings accounts (“PRSAs”) to overseas jurisdictions. This decision could have important implications for the Irish pensions industry, which in 2012 held assets in excess of €80 billion, as the judgment removes a...

• Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - July 2016 - Issue 6: Ireland

  Investor Money Regulations Update - The Investor Money Regulations (IMR) became effective on 1 July 2016. The Irish Funds IMR Working Group is in the process of finalising an IMR Q&A document due to be released shortly....

• Irish High Court Refers Facebook’s Data Case to the European Court of Justice

  In what it considered “an unusual case”, the Irish High Court has referred the issue of the way data is transferred between the EU and countries outside the EU to the Court of Justice of the European Union (“CJEU”). Ms. Justice Caroline Costello will ask the CJEU for a preliminary ruling on the...

• Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 9 2018: Ireland

  Central Bank publishes the fifth edition of its investment firms Q&A - The Central Bank of Ireland published the fifth edition of its Investment Firms Questions and Answers (the “Q&A”) on October 8, 2018, containing an additional question ID 1039 which relates to the scope of the term “transferab...

• Ireland Issues Data Breach Notification Guidance

  The Irish Data Protection Commission has issued guidance on data breach notification under GDPR. Key takeaways: A personal data breach is a security incident that negatively impacts the confidentiality, integrity, or availability of personal data, with the consequence that the controller is...

• Republic of Labour Law – Irish HR Updates in January

  Welcome to a very special January edition of Republic of Labour Law, a monthly newsletter in which we distil the most important Irish legal and HR updates from the last month in 500 words or less....

• M&A Update | Inversions: The View from Ireland

  On June 25, 2014, Ireland’s Taoiseach (Prime Minister) Enda Kenny and Minister for Finance Michael Noonan, among others, met with Cadwalader Chairman-elect and Corporate Group Co-Chair James C. Woolery in Dublin regarding foreign direct investment in Ireland and, specifically, the recent...

• Location Data Poses Risks To Individual Privacy Says Irish Regulator

  With the proliferation of location-based app services like traffic alerts and ride-sharing programs, the collection of consumers’ location information has exploded in recent years. It comes as no surprise, therefore, that the Office of the Data Protection Commissioner (“DPC”) in Ireland issued...

• Validity of personal data export mechanism thrown into question

  The Irish High Court recently asked the Court of Justice of the European Union (CJEU) to rule on the validity of “standard contractual clauses” as a basis for transferring personal data out of the European Economic Area (EEA). This decision is the latest development in the prolonged dispute between ...

• Irish Government Opposes Restoring Right To Birthright Citizenship, Despite Popular Support

  As President Donald Trump talks about ending birthright citizenship with an executive order, the Irish public is talking about restoring birthright citizenship. Ireland ended the right to birthright citizenship in 2004 with a referendum. A proposed law would give anyone born in Ireland the right ...